Market Analysis
Detailed market analysis for the global markets provided by various regulated forex brokers technical analysis teams
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Gold Near Highs Gold prices are starting the final month of the year in the green today. The market enjoyed a solid rally across November and is now holding just below all-time highs ahead of today’s keenly awaited US manufacturing PMI. On the back of the recent drop off in US inflation and labour market […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed an Inverted Hammer reversal pattern on H4. Currently, the instrument might go by the reversal signal in an ascending wave. The correction target could be 1.3575. Next, the price might have a chance for a rebound from the resistance level and further development of the downtrend. […]
EUR Slides on CPI Drop A slew of weaker-than-forecast eurozone inflation data this week has put an end to the rally for now. With Spanish, German and overall eurozone CPI seen falling again last month, the market has now moved to fully price in an ECB rate cut by April next year with odds […]
TitleGBP/JPY H4 | Bullish bounce off 38.2% Fibo? TypeBullish Bounce Preference:The current price is on the pivot level at 187.092, which is a pullback support and it also aligns with the 38.2% fibo retracement level at 187.121. Price could bounce off pivot level and towards the 1st resistance at 188.192, a pullback resistance. Alternative scenario:Price […]
Brent Brent quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is testing the support line. In this situation, a test of 1/8 (78.12) is expected, followed by a breakout of this level and a decline to the support at 0/8 (75.00). The scenario could be cancelled […]
The primary currency pair retreated lower by Friday. The current EURUSD exchange rate stands at 1.0904. Excessive market emotions are gradually subsiding. In October, Americans’ earnings increased by 0.2% m/m, following a previous 0.4% m/m growth. This result was expected. Spending also rose by 0.2% m/m after a 0.7% increase in September. These average results […]
TitleEURJPY H4 | Bearish reversal off 50% fibo? TypeBearish Reversal Preference: Price could rise towards our pivot point at 162.14, which is a swing high resistance level, aligning with the 50% fibo retracement and 61.8% fibo projection. Since there is fibo confluence here, price could react to the pivot point and fall to the 1st […]
Daily Market Outlook, December 1, 2023 Munnelly’s Market Commentary… Asia – Asian-Pacific stocks had a relatively subdued start to the new month, experiencing limited movement as markets took a pause following the November rally. Economic releases and geopolitical developments, including the resumption of the conflict in Gaza, kept investors engaged.The Nikkei 225 index in Japan […]
EURUSD, “Euro vs US Dollar” EURUSD has completed a correction to 1.1010. Currently, a decline wave to 1.0860 might form, possibly followed by a correction to 1.0920. Practically, a consolidation range is forming around this level. The main scenario presumes a decline to 1.0713. This is the first target. GBPUSD, “Great Britain Pound vs US […]
EURUSD, “Euro vs US Dollar” EURUSD has completed a decline wave to 1.0940. By now, the market has formed a consolidation range around this level and, escaping it downwards, reached the local target of 1.0878. A correction to 1.0940 might develop today (a test from below). After the correction is over, a new decline structure […]
TitleAUDUSD H4 | Bullish bounce off 38.2% fibo? TypeBullish Bounce Preference: Price is falling to our pivot point at 0.6588, which is an overlap support, aligning with the 38.2% fibo retracement. If price bounces off our pivot point, price could rise towards the 1st resistance at 0.6629, which is a swing high resistance level. Alternative […]
Crude Lower Crude prices have turned lower into the end of the week following yesterday’s OPEC+ meeting. The market was widely expecting the group to announce an extension of current production restrictions through next year with some speculating that perhaps we might see a deepening of current cuts. However, reports of tensions within the group […]